CenterPoint Accounting - Return a Serialized Item to the Vendor

Document #:	3266	Product:	CenterPoint Accounting

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This document provides step-by-step instructions on how to enter transactions that will decrease the amount owed to your vendor and remove the serial number from inventory.

Step A - Deduct the Serial Number from Inventory

Step B - Enter a Credit to Reduce the Vendors Balance

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Step A - Deduct the Serial Number from Inventory

1. Select Processes > Special Transactions.
2. Select the Inventory Adjustments (Decrease Quantity) Process Template.
3. Select the Item.
4. The Lotted/Serialized Items box will automatically be displayed. Click on the Add Lot/Serial Row button.

5. Enter 1 in the Quantity Shippedfield for the serial number being returned.
6. Click OK.
7. In the Adjustment Account field, specify the Cost of Goods Sold account that is used with this inventory item.
8. In the Memo Line 1 box, enter an optional memo for the transaction. In the Line 2 box, if the transaction is assigned a name that was setup with a default memo, it will display automatically and can be overridden.
9. In the Notation field, specify that the item is being returned to the vendor and why.
10. Click Save.

Step B - Enter a Credit to Reduce the Vendors Balance

1. Select Processes > Purchases > Vendor Invoices A/P.
2. Specify the Vendor, Reference #, Date and the Amount of the credit received.
3. In the detail grid, do not select the inventory item. Instead, skip to the Account field and specify the Adjustment account used in step A7.
4. Type in a Description of what was returned. If you need additional room to specify the serial number or more details on what was returned, click on the Additional Description button and enter the text.
5. Specify the quantity returned as a negative number in Quantity 1.
6. Specify the Amount that is being credited by the vendor.
7. Complete the transaction as you normally would.